Bitcoin (BTC), exchange-traded (ETFs), have acquired more than 1,000,000 BTC collectively in less that a year from their launch. The demand for digital assets among investors is strong.
Bitcoin ETFs Exceed One Million BTC Mark
A chart According to a recent report by Ali Martinez, X’s crypto analyst, Bitcoin ETFs now hold more than one million BTC.
After much deliberation and debate, in January of this year, the US Securities and Exchange Commission approved Bitcoin ETFs on a spot basis. Bitcoin ETFs were a great success, and that is not an exaggeration.
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Bitcoin ETFs are currently recording a total cumulative inflow of approximately $24,15 billion. Martinez also said the current value of BTC in these ETFs is approximately $70 Billion.
BTC’s price has increased by almost 65% from $41,900 in January to $68,941 today. BTC has reached its all-time highest (ATH), $73,737, in March.
These financial products hold over one million BTC, or 5%, of Bitcoin’s total supply.
BlackRock IBIT Spot BTC ETF, which holds approximately $30 billion in net assets, is the leader of the market. Grayscale GBTC’s net assets are $15.22 Billion, while Fidelity FBTC’s $10.47 Billion is third.
A recent CoinShares report also highlights the growing interest in Bitcoin ETFs. reportThe report found that investment in digital assets attracted over $2.2 billion of new money last week.
CoinShares attributes the surge in cryptocurrency product purchases to the possible Republican win in the November 5 US Presidential election.
In a surprising turn of events, the inflow of money was higher at the start of the week. However, the outflows began to appear towards the end of the period as the odds for Democratic candidate Kamala Harri’s victory improved.
Polymarket is a platform for decentralized predictions markets that was being written at the time. shows Harris has a 41.6% shot at winning the presidential election, while Donald Trump is the Republican favorite.
The experts say that the Trump victory will benefit crypto.
Despite the fact that voter opinions on crypto may be more evenly divided, there is a general consensus in regards to cryptocurrencies. A Trump win could have a significant impact. benefit BTC, and other digital currencies.
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JPMorgan Chase & Co. stated that retail investors increasingly view BTC as a ‘debasement trade’ to protect their assets’ purchasing power amid inflation and that a Trump win could provide ‘additional upside’ to BTC.
Kamala Harris is Biden’s vice-president. reportedly The new administration is perceived to be more cautious when it comes to digital assets. This will likely increase her popularity with crypto-focused people.
Bitcoin was trading at $68,941 as of press time. This is up by 0.8% over the last 24 hours. CoinGecko says that bitcoin is trading at $68.941 as of press time. This is up 0.8% over the last 24 hours. dataBitcoin dominates the market with 56.7%.
Charts and images from X.com, Tradingview.com.
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Source: www.newsbtc.com
